Wednesday, April 2
Dil hai Hindustani for Indians abroad
Santanu Ghosh, Indian Express, April 3, 2003
World Bank report shows Indian workers have remitted $10 billion in 2001, highest anywhere in the world
New Delhi, April 2: Indians working abroad maintain their ties with Mother India if the World Bank’s latest Report on ‘Global Development Finance’ is to be believed. Indian workers working abroad have remitted $10 billion in 2001, highest anywhere in the world. This means these workers send money to their families in India and the country as a whole has access to this huge income stream and forex reserves. Second is Mexico where workers remitted $9.9 billion in 2001 followed by Phillipines at $6.4 billion.
Not to mention our continued fetish for attracting more and more FDI, slowly though gradually remittances from Indian workers abroad have emerged as a major source of external fund for development. For all the developing nations, remittance flow over the years have emerged as the second largest source of external fund behind FDI. In 2001, workers’ remittance receipts of developing countries stood at $72.3 billion which is higher than total official flows and private non-FDI flows. The remittances to the developing nations equals 42 per cent of the total FDI flows. [...]